Simply Good Foods Co (SMPL) 2025 Q3 法說會逐字稿

Greetings. Welcome to Simply Good Foods Company's third quarter fiscal year 2025 earnings call. (Operator Instructions) Please note, this conference is being recorded.

問候。歡迎參加 Simply Good Foods Company 2025 財年第三季財報電話會議。（操作員指示）請注意，本次會議正在錄音。

At this time, I'll turn the conference over to Joshua Levine, Vice President, Investor Relations. Joshua, you may begin.

現在，我將把會議交給投資者關係副總裁 Joshua Levine。約書亞，你可以開始了。

Thank you, operator. Good morning, and welcome to the Simply Good Foods Company's third quarter fiscal year 2025 earnings call for the 13-week period ended May 31, 2025. Today, Geoff Tanner, President and CEO; and Chris Bealer, CFO, will provide you with an overview of our results, which were provided in our earnings release issued earlier this morning at approximately 7 AM Eastern Time. Our prepared remarks will then be followed by a Q&A session. A copy of the release and accompanying presentation are available on the Investors section of the company's website at www.thesimplygoodfoodscompany.com.

謝謝您，接線生。早安，歡迎參加 Simply Good Foods Company 2025 財年第三季財報電話會議，該會議涵蓋截至 2025 年 5 月 31 日的 13 週期間。今天，總裁兼執行長 Geoff Tanner 和財務長 Chris Bealer 將向您概述我們的業績，這些業績已在我們今天早上東部時間早上 7 點左右發布的收益報告中提供。我們的準備好的發言之後將進入問答環節。新聞稿和隨附簡報的副本可在公司網站 www.thesimplygoodfoodscompany.com 的投資者部分找到。

This call is being webcast, and an archive of today's remarks will be made available. During the course of today's call, management will make forward-looking statements, which are subject to various risks and uncertainties that may cause actual results to differ materially. The company undertakes no obligation to update these statements based on subsequent events. A detailed listing of such risks and uncertainties can be found in today's press release and the company's SEC filings.

本次電話會議將進行網路直播，並將提供今天發言的存檔。在今天的電話會議中，管理階層將做出前瞻性陳述，這些陳述受各種風險和不確定性的影響，可能導致實際結果大不相同。本公司不承擔根據後續事件更新這些聲明的義務。此類風險和不確定性的詳細清單可在今天的新聞稿和該公司提交給美國證券交易委員會的文件中找到。

Note that on today's call, we will refer to certain non-GAAP financial measures that we believe provide useful information for investors. Due to the company's asset-light high cash flow business model, we evaluate our performance on an adjusted basis as it relates to EBITDA and diluted EPS. Please refer to today's press release for a reconciliation of our non-GAAP financial measures to their most comparable measures prepared in accordance with GAAP.

請注意，在今天的電話會議上，我們將參考某些我們認為可以為投資者提供有用資訊的非 GAAP 財務指標。由於該公司輕資產高現金流的業務模式，我們根據 EBITDA 和稀釋每股收益來評估我們的表現。請參閱今天的新聞稿，以了解我們的非 GAAP 財務指標與依照 GAAP 編製的最具可比性的指標之間的對帳情況。

The acquisition of Only What You Need Inc., or OWYN, was completed on June 13, 2024. Therefore, the company's a year ago performance for the 13 weeks ended May 25, 2024, does not include results of the OWYN business. References during this call to organic or legacy Simply Good Foods refers to Simply Good Foods' business, excluding OWYN.

Only What You Need Inc.（簡稱 OWYN）的收購於 2024 年 6 月 13 日完成。因此，該公司截至 2024 年 5 月 25 日的 13 週的去年同期業績不包括 OWYN 業務的表現。本次通話中提到的有機或傳統 Simply Good Foods 均指 Simply Good Foods 的業務，不包括 OWYN。

As we have now lapped the anniversary date of the OWYN acquisition, for future calls, the use of organic will refer to year-over-year growth for brands we have owned for more than 12 months. For Q4, that will include the growth of Simply Good Foods, excluding OWYN for the first few weeks of the quarter and growth for the entire company for the balance of the quarter.

由於我們現在已經過了 OWYN 收購週年紀念日，在未來的通話中，有機成長將指的是我們擁有超過 12 個月的品牌的同比增長。對於第四季度，這將包括 Simply Good Foods 的成長（不包括本季前幾週的 OWYN）以及整個公司在本季度剩餘時間的成長。

Finally, all retail takeaway data included in our discussion today, unless otherwise noted, is for the 13 weeks ended June 1, 2025, and reflects a combination of Circana MULO++C and company estimates for unmeasured channels as compared to the prior year.

最後，除非另有說明，我們今天討論中包含的所有零售外賣數據均為截至 2025 年 6 月 1 日的 13 週的數據，反映了 Circana MULO++C 和公司對未測量渠道與上一年相比的估計值的組合。

I will now turn the call over to Geoff Tanner, President and CEO.

現在我將電話轉給總裁兼執行長 Geoff Tanner。

Thank you, Josh. Good morning, everyone, and thank you for joining us. I'll start by reviewing our Q3 performance before turning it over to our new CFO, Chris Bealer, who will discuss our financial results and our updated fiscal year 2025 outlook. We will then be available to take your questions.

謝謝你，喬希。大家早安，感謝大家的收看。我將首先回顧我們的第三季業績，然後交給我們的新財務長 Chris Bealer，他將討論我們的財務表現和我們更新的 2025 財年展望。然後我們將回答您的問題。

Momentum continued in Q3, with net sales up 14% year over year, driven by the acquisition of OWYN and approximately 4% organic growth. Consumption was once again up double digits for both Quest and OWYN, more than offsetting the anticipated declines for Atkins. As a reminder, Quest and OWYN, in aggregate, make up approximately 70% of our net sales today. Growth for the nutritional snacking category remains robust in Q3, up double digits again, reflecting the continued mainstreaming of consumer demand for high protein, low sugar, and low carb food and beverage options.

第三季持續維持成長勢頭，淨銷售額年增 14%，這得益於收購 OWYN 和約 4% 的有機成長。Quest 和 OWYN 的消費量再次出現兩位數成長，足以抵銷 Atkins 預期的下降幅度。提醒一下，Quest 和 OWYN 合計占我們目前淨銷售額的 70% 左右。第三季營養零食類別的成長依然強勁，再次實現兩位數成長，反映出消費者對高蛋白、低糖、低碳水化合物食品和飲料的需求持續成為主流。

Simply Good is at the forefront of this generational shift with an attractive portfolio of three uniquely positioned brands powered by leading sales and marketing capabilities and a talented R&D and supply chain teams. Adjusted EBITDA in the quarter grew approximately 3% year over year.

Simply Good 處於這一世代轉變的前沿，擁有三個獨特定位的品牌，這些品牌由領先的銷售和行銷能力以及才華橫溢的研發和供應鏈團隊提供支援。本季調整後的 EBITDA 年成長約 3%。

While our margins remained strong overall, they were under pressure during the quarter as we realized higher levels of inflation most notably from (inaudible). As we discussed on prior calls, we expected inflation to impact our margins as we move into the second half. In response to these headwinds, we substantially stepped up our productivity and cost management efforts, and we've started to realize the contribution from pricing we've taken on select items. We expect to realize the full benefit of productivity and pricing actions over the next 12 to 18 months.

雖然我們的利潤率總體上保持強勁，但本季利潤率面臨壓力，因為我們意識到通貨膨脹水準上升，尤其是（聽不清楚）。正如我們在之前的電話會議上所討論的那樣，我們預計通貨膨脹將在下半年影響我們的利潤率。為了因應這些不利因素，我們大幅提高了生產力和成本管理力度，並且開始意識到部分商品的定價貢獻。我們期望在未來 12 到 18 個月內充分實現生產力和定價行動帶來的好處。

Cash flow generation remains a hallmark of this organization. In the year since we acquired OWYN, we have repaid essentially all of the $250 million we borrowed to finance the purchase. And during Q3, we repurchased over $24 million worth of our common stock. At only half a turn of leverage today, our balance sheet gives us optionality going forward.

現金流的產生仍然是該組織的標誌。自收購 OWYN 以來的一年裡，我們基本上已經償還了為收購而藉入的 2.5 億美元。在第三季度，我們回購了價值超過 2,400 萬美元的普通股。如今，我們的槓桿比率只有半倍，資產負債表為我們提供了未來的選擇權。

Finally, considering our top and bottom-line performance year-to-date and trends to begin the fourth quarter, we are tightening our ranges for full-year net sales and adjusted EBITDA. I want to commend our teams for the tenacity amidst the dynamic operating environment and delivering a year where we expect to generate approximately 3% organic growth at mid-single-digit total adjusted EBITDA growth as well as to successfully integrate OWYN.

最後，考慮到我們今年迄今的營收和利潤表現以及第四季度初的趨勢，我們正在縮緊全年淨銷售額和調整後 EBITDA 的範圍。我要讚揚我們的團隊在動態營運環境中的堅韌不拔，預計今年將實現約 3% 的自然成長，調整後 EBITDA 總成長率將達到中等個位數，同時成功整合 OWYN。

Turning to our largest brand, Quest, which represents approximately 60% of our net sales today. The brand delivered another quarter of double-digit retail takeaway in net sales growth. Consumption in Q3 grew 11% with household penetration up 120 basis points year over year to 18.3%. As Quest approaches $1 billion in net sales, we see a long runway of opportunity driven by a framework for growth based on disruptive innovation, expanding physical availability, and increasing brand awareness.

談到我們最大的品牌 Quest，它占我們目前淨銷售額的約 60%。該品牌零售外送淨銷售額再創季度兩位數成長。第三季消費量成長 11%，家庭普及率年增 120 個基點，達到 18.3%。隨著 Quest 的淨銷售額接近 10 億美元，我們看到了由基於顛覆性創新、擴大實體可用性和提高品牌知名度的成長框架所驅動的長期機會。

Our salty snacks platform embodies the strategy. Salty snacks retail takeaway grew 31% this quarter and is on pace to become the largest platform on the Quest business. We continue to successfully launch exciting new flavors and sizes, expand distribution and merchandising in and out of our aisle as well as in new channels, and we remain focused on building awareness through award-winning marketing. As we work to expand physical availability of chips, we're particularly excited about the support we're getting from retailers to see the growth and incrementality of the segment.

我們的鹹味小吃平台體現了這項策略。本季鹹味小吃零售外送成長了 31%，有望成為 Quest 業務上最大的平台。我們繼續成功推出令人興奮的新口味和新尺寸，擴大貨架內外以及新通路的分銷和銷售，並且我們仍然專注於透過屢獲殊榮的營銷來建立知名度。在我們努力擴大晶片的實體可用性的同時，我們對從零售商那裡獲得的支援感到特別興奮，看到了該領域的成長和增量。

As an example, at a large mass merchant, Quest recently secured incremental shelf space within our core aisle during their upcoming reset later this year. In addition, at the same customer, Quest gained multiple placements outside our aisle, including on their highly visible health and wellness wall as well as the other heavily trafficked grocery section.

例如，在一家大型大眾零售商 Quest 即將於今年稍後進行的重置中，該公司最近在我們的核心貨架區域獲得了增量貨架空間。此外，在同一個客戶那裡，Quest 在我們的過道外獲得了多個位置，包括在其顯眼的健康和保健牆上以及其他人流量很大的雜貨區。

Shifting to bars. Consumption grew 3% this quarter, led by growth from our Hero crispy line and our new Overload bars. Initial distribution and velocity for overload continue to build in line with that plan, and both consumer and retailer feedback has been positive. The recent launch of our 45-gram Quest milk shake is also progressing nicely, building ACV and awareness. We're supporting this for new platform with activations across the country focused on driving trial. Similar to overload, ACV is expected to build through the rest of the calendar year.

轉移到酒吧。本季消費量成長了 3%，主要得益於我們的 Hero 脆皮系列和新款 Overload 能量棒的成長。初始分佈和超載速度繼續按照該計劃進行建設，消費者和零售商的回饋都是正面的。我們最近推出的 45 克 Quest 奶昔也進展順利，提高了 ACV 和知名度。我們正在支持這個新平台，並在全國範圍內開展以駕駛試驗為重點的活動。與超載類似，ACV 預計將在今年剩餘時間內持續成長。

We're also seeing solid contribution from our bakeshop platform, which continues to be a highly incremental basket builder for us and retailers. We're excited about the innovation we have coming on this platform in fiscal 2026.

我們還看到了來自烘焙店平台的堅實貢獻，該平台繼續為我們和零售商提供高度增量的購物籃建構器。我們對 2026 財年即將在該平台上推出的創新感到非常興奮。

To wrap it up on Quest, we're pleased with our Q3 performance and execution. As we enter Q4, we remain committed to driving growth and investing in the brand, positioning Quest continues its growth trajectory into fiscal '26.

總結一下 Quest，我們對第三季的表現和執行感到滿意。進入第四季度，我們將繼續致力於推動成長和投資品牌，定位 Quest 繼續在 26 財年的成長軌跡。

Moving to Atkins. Consumption in the third quarter was down 13% versus prior year, consistent with our forecast. As we discussed last quarter, declines accelerated due to broader distribution losses at a key customer and from not repeating high-volume merchandising events from a year ago. These two drivers accounted for most of the Q3 decline. We're on a journey towards a more focused and sustainable Atkins business.

搬到阿特金斯。第三季的消費量比去年同期下降了 13%，與我們的預測一致。正如我們上個季度所討論的那樣，由於關鍵客戶的分銷損失擴大，以及沒有重複一年前的大批量銷售活動，導致下滑速度加快。這兩個驅動因素是造成第三季經濟下滑的主因。我們正朝著更專注和永續的阿特金斯業務邁進。

Importantly, the core SKUs of the actions portfolio performed above category velocity benchmarks. However, the brand does have a long tail of SKUs, many of which turn at below category average levels. Therefore, our approach continues to be to drive towards an optimized assortment for the brand, including bringing to market improved innovation like we've done with the 30-gram Atkins Strong shakes. In channels like e-commerce, where we do not have space constraints, we continue to grow nicely with retail takeaway at a key customer, up 7% this quarter. Part of the rationale in proactively printing act and shelf space is working with retailers where possible to more effectively utilize the total shelf space allocated to Simply Good Foods.

重要的是，行動組合的核心 SKU 的表現高於類別速度基準。然而，該品牌確實擁有大量的 SKU，其中許多的周轉率低於類別平均值。因此，我們的方法仍然是推動品牌的最佳化組合，包括向市場推出改進的創新產品，就像我們對 30 克 Atkins Strong 奶昔所做的那樣。在電子商務等不受空間限制的管道中，我們繼續保持良好的成長勢頭，主要客戶的零售外送業務本季成長了 7%。主動列印法案和貨架空間的理由之一是盡可能與零售商合作，以更有效地利用分配給 Simply Good Foods 的總貨架空間。

As an example, during upcoming resets, we expect Atkins to see a significant decline in distribution at a large mass retailer. However, we will offset a majority of Atkins space losses with gains for Quest and OWYN SKUs that are higher turning and in the case of Quest more profitable. Our commitment to supporting the brand and confidence in the long-term vitality of the business is underpinned by the strength of the core SKUs. Consumer research and customer conversations continue to reinforce its strong needs for a science-based brands and products that help consumers with their weight loss journey, including those using or coming off GLP-1 drugs. We remain committed to our revitalization plan, again, in support of building a healthier, more profitable, and more sustainable business.

例如，在即將到來的重置期間，我們預計 Atkins 在大型大眾零售商處的分銷量將大幅下降。然而，我們將透過 Quest 和 OWYN SKU 的收益來抵消大部分 Atkins 空間損失，因為 Quest 的周轉率更高，而且利潤更高。我們對品牌的支持承諾以及對業務長期活力的信心都由核心 SKU 的實力支撐。消費者研究和客戶對話繼續強化了其對以科學為基礎的品牌和產品的強烈需求，這些品牌和產品可以幫助消費者減肥，包括那些使用或停止使用 GLP-1 藥物的消費者。我們將繼續致力於我們的振興計劃，再次支持建立更健康、更有利可圖、更永續的業務。

Moving to OWYN. Retail takeaway increased 24% in Q3 with strong contribution across channels. OWYN's ready-to-drink shakes retail takeaway grew over 20% in the quarter. Distribution increased 18%, benefiting from recent gains made during the spring reset. Reflecting on Q3 consumption growth, we fully anticipated that trends would slow relative to the first half as we were lapping some sizable wins from the prior year.

移至 OWYN。第三季零售外送成長 24%，各通路貢獻強勁。OWYN 的即飲奶昔零售外送在本季成長了 20% 以上。分銷量增加了 18%，這得益於春季重置期間的近期收益。回顧第三季的消費成長，我們完全預料到趨勢將相對於上半年有所放緩，因為我們正在取得上一年的一些顯著進展。

As we enter Q4, despite a slightly slower start in June, we expect retail takeaway trends to remain strong, benefiting from incremental distribution wins as well as planned merchandising activity across several retail partners. Stepping back, we continue to see a long runway of growth for the brand due to strong velocities and category incrementality, that position OWYN to continue to expand distribution, household penetration and awareness, which remain well below peers, and leveraging Simple's R&D team to still key portfolio gaps across flavors and sizes and even new formats.

進入第四季度，儘管 6 月開局略有放緩，但我們預計零售外賣趨勢將保持強勁，受益於增量分銷勝利以及多個零售合作夥伴的計劃商品銷售活動。回顧過去，我們繼續看到該品牌的長期成長，這得益於強勁的速度和類別增量，這使 OWYN 能夠繼續擴大分銷、家庭滲透和知名度，這些方面仍然遠低於同行，並利用 Simple 的研發團隊來彌補口味、尺寸甚至新格式方面的關鍵產品組合差距。

At approximately 10% of our net sales today and with integration work nearly complete, we remain confident in our ability to drive strong double-digit growth. We have the team, capabilities, and insurgent mindset to enable OWYN to contribute to Simply's top and bottom-line growth for years to come.

目前，我們的淨銷售額約為 10%，並且整合工作已接近完成，我們仍然有信心實現強勁的兩位數成長。我們擁有團隊、能力和顛覆性思維，使 OWYN 能夠在未來幾年為 Simply 的營收和利潤成長做出貢獻。

To summarize, I'm pleased with the momentum in our business, our fiscal year-to-date performance, and our outlook as we work to close the year. Simply Good is uniquely positioned as a leader in the fast-growing nutritional snacking category with the portfolio and team built to lead the generational shift of demand towards high protein, low sugar, and low carb food and beverage products. We will do this by introducing delicious innovation, expanding physical availability of our products, and building brand awareness. With approximately 70% of our portfolio requests in OWYN driving strong top and bottom-line growth as well as an agile culture, flexible supply chain, and a talented team, we are confident in our ability to deliver sustainable growth and create meaningful shareholder value.

總而言之，我對我們的業務發展勢頭、本財年迄今為止的業績以及我們對今年年底的展望感到滿意。Simply Good 在快速成長的營養零食領域中佔據著獨特的領先地位，其產品組合和團隊旨在引領人們對高蛋白、低糖和低碳水化合物食品和飲料產品的需求轉變。我們將透過推出美味創新、擴大產品的實際供應以及建立品牌知名度來實現這一目標。我們在 OWYN 的投資組合請求中約有 70% 推動了強勁的營收和利潤成長，同時擁有敏捷的文化、靈活的供應鏈和優秀的團隊，我們有信心實現可持續成長並創造有意義的股東價值。

I will now turn the call over to Chris, who will provide you with the details of our financial results and outlook.

現在我將把電話轉給克里斯，他將向您提供我們的財務表現和前景的詳細資訊。

Thank you, Geoff. Good morning, everyone. Total Simply Good Foods third quarter net sales of $381 million increased 13.8% versus last year, driven by the contribution from OWYN of $33.6 million or 10% as well as 3.8% organic growth. Organic net sales growth was driven by Quest, which grew 15% in Q3. The brand benefited mainly from strong retail takeaway as well as a modest improvement in retailer trade inventory to ensure operational continuity during our warehouse transition early in Q4.

謝謝你，傑夫。大家早安。Simply Good Foods 第三季淨銷售額總計 3.81 億美元，較去年同期成長 13.8%，其中 OWYN 貢獻了 3,360 萬美元（成長 10%），同時有機成長也達到了 3.8%。有機淨銷售額成長主要得益於 Quest，其第三季成長了 15%。該品牌主要受益於強勁的零售外賣以及零售商貿易庫存的適度改善，以確保我們在第四季度初倉庫轉型期間的營運連續性。

Net sales for Atkins declined 12.7%, in line with consumption. And OWYN had another solid quarter with retail takeaway up double digits versus prior year. Gross profit of $138.5 million increased 3.7% from the year ago period, driven mainly by the inclusion of OWYN. Gross margin was 36.4%, a decline of 350 basis points versus prior year, driven mainly by elevated input costs, most notably cocoa and whey that were only partially mitigated by productivity and pricing.

阿特金斯的淨銷售額下降了 12.7%，與消費量一致。OWYN 本季業績表現穩健，零售外送額較上年同期成長了兩位數。毛利為 1.385 億美元，較去年同期成長 3.7%，主要得益於 OWYN 的納入。毛利率為 36.4%，較前一年下降 350 個基點，主要原因是投入成本上升，尤其是可可和乳清成本，但生產力和定價僅部分緩解了這一影響。

The inclusion of OWYN in our results was also a headwind in the quarter. Selling and marketing expenses of $33.8 million were down modestly versus prior year with declines on the legacy business, partially offset by the inclusion of OWYN to the portfolio. G&A expenses were $41.2 million, an increase of $9.7 million versus last year, primarily due to integration expenses and the inclusion of OWYN. Excluding stock-based compensation and onetime integration costs, G&A increased $4.8 million to $31.4 million, driven mainly by the addition of OWYN to the portfolio. As a result, adjusted EBITDA of $73.9 million increased 2.8% from the year ago period. Net interest expense of $4.2 million was up modestly versus the prior year, while the effective tax rate was 25.2%, up slightly versus last year.

將 OWYN 納入我們的業績也為本季帶來了不利影響。銷售和行銷費用為 3,380 萬美元，較上年略有下降，原因是傳統業務的下降，但部分被 OWYN 納入投資組合所抵消。一般及行政費用為 4,120 萬美元，比去年增加 970 萬美元，主要原因是整合費用和 OWYN 的納入。不計股票薪酬和一次性整合成本，G&A 費用增加了 480 萬美元，達到 3,140 萬美元，主要原因是 OWYN 加入投資組合。因此，調整後的 EBITDA 為 7,390 萬美元，較去年同期成長 2.8%。淨利息支出為 420 萬美元，較上年略有上升，有效稅率為 25.2%，較前一年略有上升。

Net income was $41.1 million, down from $41.3 million last year. On a fiscal year-to-date basis, net sales are up 13.2%, supporting gross profit and adjusted EBITDA growth of 9.2% and 10.6%, respectively. Margins have compressed mainly as a result of the inclusion of OWYN in our results. Third quarter reported EPS was $0.40 per diluted share versus $0.41 in Q3 last year. Adjusted diluted EPS was $0.51 compared to $0.50 in the year ago period.

淨收入為4,110萬美元，低於去年的4,130萬美元。本財年迄今，淨銷售額成長 13.2%，支持毛利和調整後 EBITDA 分別成長 9.2% 和 10.6%。利潤率的壓縮主要是因為將 OWYN 納入我們的績效。第三季報告的每股收益為 0.40 美元，而去年第三季為 0.41 美元。調整後稀釋每股收益為 0.51 美元，去年同期為 0.50 美元。

On a fiscal year-to-date basis, the company generated reported diluted EPS of $1.14, up 4.6% versus the prior year, whereas adjusted diluted EPS of $1.46 increased 9.8% versus the comparable prior year period. I want to commend the team for their hard work and strong execution on delivering our results so far this year and their perseverance amidst a dynamic environment. Note that we calculate adjusted diluted EPS as adjusted EBITDA less interest income, interest expense, and income taxes divided by diluted shares outstanding. Please refer to the press release for an explanation and reconciliation of non-GAAP financial measures.

以財年迄今計算，該公司報告的稀釋每股收益為 1.14 美元，較上年增長 4.6%，而調整後的稀釋每股收益為 1.46 美元，較去年同期增長 9.8%。我要讚揚團隊今年迄今為止的辛勤工作和強有力的執行力，以及他們在充滿活力的環境中堅持不懈的精神。請注意，我們計算調整後的稀釋每股盈餘的方式是：調整後的 EBITDA 減去利息收入、利息支出和所得稅，再除以稀釋流通股數。有關非公認會計準則財務指標的解釋和調節，請參閱新聞稿。

Moving to the balance sheet and cash flow. As of May 31, 2025, the company had cash of $98 million and an outstanding principal balance on its term loan of $250 million, bringing our net debt to trailing 12-month adjusted EBITDA to approximately 0.5 times. Fiscal year-to-date cash flow from operations was $133 million compared to approximately $167 million last year. The decline was primarily due to higher use of working capital, principally inventory. Capital expenditures were approximately $3 million.

轉到資產負債表和現金流量表。截至 2025 年 5 月 31 日，公司擁有現金 9,800 萬美元，定期貸款未償還本金餘額為 2.5 億美元，使我們的淨債務達到過去 12 個月調整後 EBITDA 的約 0.5 倍。本財年迄今的營運現金流為 1.33 億美元，去年同期約為 1.67 億美元。下降的主要原因是營運資本（主要是庫存）的使用增加。資本支出約300萬美元。

During the quarter, the company repaid $50 million of its term loan debt, bringing fiscal year-to-date repayments to $150 million. In the 11 months since we've acquired OWYN, the company has now repaid $240 million of the $250 million borrowed on the purchase. In addition, during the quarter, the company used $24 million to repurchase nearly 700,000 shares. The company has nearly $50 million remaining on its current share repurchase authorization.

本季度，該公司償還了 5,000 萬美元的定期貸款債務，使本財年迄今的償還金額達到 1.5 億美元。自從我們收購 OWYN 以來的 11 個月裡，該公司已償還了收購時借入的 2.5 億美元中的 2.4 億美元。此外，本季該公司還斥資2,400萬美元回購了近70萬股股票。該公司目前的股票回購授權還剩餘近 5,000 萬美元。

Moving on to our outlook. As you saw in this morning's press release, we are updating the ranges of our full-year net sales and adjusted EBITDA guidance. Specifically, we expect the following: total company reported net sales are expected to increase 8.5% to 9.5%, with organic net sales growth driven primarily by volume. Embedded within that, we anticipate on net sales to finish the year at approximately $145 million, which is the midpoint of our previously provided range. Total company adjusted EBITDA is expected to increase 4% to 5%, which continues to include an assumption that gross margins will define 200 basis points on a full-year basis.

繼續我們的展望。正如您在今天早上的新聞稿中看到的，我們正在更新全年淨銷售額和調整後 EBITDA 指引的範圍。具體來說，我們預計：公司報告的總淨銷售額預計將成長 8.5% 至 9.5%，其中有機淨銷售額的成長主要受銷量推動。考慮到這一點，我們預計今年的淨銷售額將達到約 1.45 億美元，這是我們之前提供的範圍的中點。公司調整後的 EBITDA 總額預計將成長 4% 至 5%，這仍然假設全年毛利率將達到 200 個基點。

Please note that our outlook includes the 53rd week in fiscal year 2024, which represents an approximately 2 percentage point headwind to full-year growth for net sales and adjusted EBITDA in fiscal year 2025.

請注意，我們的展望包括 2024 財年的第 53 週，這意味著 2025 財年全年淨銷售額和調整後 EBITDA 的成長將面臨約 2 個百分點的阻力。

As it relates to the fourth quarter, I would like to highlight a few items. First, we expect Q4 organic net sales to grow around 3% at the midpoint, which, as a reminder, will include OWYN within the organic net sales growth calculation for most of the quarter. Second, our implied gross margin outlook for Q4 reflects an increase in realized inflation as well as the impact of tariffs, which are beginning to flow into our P&L. Please note that both of these drivers are expected to continue for some time. As Geoff said earlier, we are stepping up our productivity and other mitigation efforts, but these offsets will take time to be fully realized.

由於涉及第四季度，我想強調幾點。首先，我們預計第四季度有機淨銷售額中位數將成長 3% 左右，需要提醒的是，OWYN 將在本季的大部分時間納入有機淨銷售額成長計算中。其次，我們對第四季隱含毛利率的預期反映了實際通膨率的上升以及關稅的影響，這些影響開始流入我們的損益表。請注意，這兩個驅動因素預計都會持續一段時間。正如傑夫之前所說，我們正在加強生產力和其他緩解措施的力度，但這些抵消措施需要時間才能完全實現。

And third, our updated full-year adjusted EBITDA growth outlook implies a low double-digit decline at the midpoint in Q4 or a mid-single-digit decline, excluding the extra week. Finally, I would note that our outlook assumes current economic conditions and consumer purchasing behavior will remain generally consistent over the balance of the company's fiscal year.

第三，我們更新的全年調整後 EBITDA 成長前景意味著第四季中期將出現低兩位數的下降，或中個位數的下降（不包括額外一周）。最後，我要指出的是，我們的展望假設當前的經濟狀況和消費者購買行為將在公司整個財政年度內保持基本一致。

For a comprehensive summary of our full-year outlook and details on certain below-the-line items, please see slide 16 in our presentation. That concludes our prepared remarks. Thank you for your interest in our company. We are now available to take your questions.

有關我們全年展望的全面摘要以及某些線下項目的詳細信息，請參閱演示文稿中的第 16 張幻燈片。我們的準備好的演講到此結束。感謝您對我們公司的關注。我們現在可以回答您的問題。

(Operator Instructions) Matt Smith, Stifel.

（操作員指示）馬特史密斯（Matt Smith），Stifel。

Geoff, you called out distribution expectations across the portfolio for the upcoming fall shelf reset, including what sounds like significant losses for Atkins. Can you expand on how much of a distribution headwind you expect for the brand and product segments and how you expect that to impact sales through the channel, kind of help bridge the comments between significant distribution loss against consolidating the distribution behind the hardest working SKUs?

傑夫，你提到了即將到來的秋季貨架重置對整個投資組合的分佈預期，其中包括阿特金斯的重大損失。您能否詳細說明您預計品牌和產品部門在分銷方面會面臨多大的阻力，以及您預計這會對通路銷售產生什麼影響，這有助於彌合分銷大幅損失與鞏固最努力的 SKU 背後的分銷之間的分歧？

Yes. Thanks, Matt. I appreciate the question. So the double-digit declines on Atkins that we're seeing right now, obviously, a headwind to total company growth. I do want to credit the team now for proactively addressing it head on with the retailers and with their revitalization efforts.

是的。謝謝，馬特。我很感謝你提出這個問題。因此，我們現在看到的阿特金斯兩位數的下滑顯然對公司整體成長造成了阻礙。我現在要讚揚該團隊積極與零售商一起解決這個問題並做出振興努力。

As we approach the full reset conversation with buyers, we had very productive conversations with them about the best use of space for the category and for Simply. And those conversations acknowledge that Atkins has a strong core of SKUs, but certainly a long tail of lower velocity SKUs. So in conversations with those retailers, the net result is that we're expecting additional cut for Atkins that we do expect to offset with gains from Quest and OWYN.

當我們與買家進行全面重置對話時，我們與他們進行了非常富有成效的對話，討論瞭如何最好地利用該類別和 Simply 的空間。這些對話承認，阿特金斯擁有強大的 SKU 核心，但低速度 SKU 的長尾肯定存在。因此，在與這些零售商的對話中，最終結果是我們預計 Atkins 的利潤將進一步削減，但我們預計 Quest 和 OWYN 的利潤將抵消這一削減。

So while we're early in our planning cycle for '26, but more specifically to your question, we do expect to see continued double-digit declines on the Atkins business in '26, driven almost entirely by the distribution cuts. But again, it's part of our strategy with Atkins to building more sustainable, more profitable, and more efficient business.

因此，雖然我們正處於 26 年規劃週期的早期階段，但更具體地回答您的問題，我們確實預計 26 年 Atkins 業務將繼續出現兩位數的下滑，這幾乎完全是由於分銷削減所致。但再次強調，這是我們與阿特金斯合作的策略的一部分，旨在建立更永續、更有利可圖、更有效率的業務。

And if you step back a little bit, as I mentioned, the core of the Atkins portfolio representing the majority of sales turn above category benchmarks. And so primarily, what we're dealing with Atkins is a space issue. And I would point to e-commerce, where there is not a space constraint -- there are no space constraints. And the business is up high single digits. So I think this underscores the health of the Atkins brand, the job it does for consumers that were being eyes wide open and realistic about the space challenge and having very productive conversations with retailers about how to offset those challenges with gains with Quest and OWYN.

如果你稍微退一步來看，正如我所提到的，阿特金斯投資組合的核心代表了大部分銷售額高於類別基準。因此，我們處理阿特金斯問題主要是一個空間問題。我想指出的是，電子商務沒有空間限制——沒有空間限制。並且業務量實現了高個位數成長。所以我認為這強調了 Atkins 品牌的健康狀況，它為消費者所做的工作，消費者對空間挑戰保持著清醒的認識，並與零售商進行了非常富有成效的對話，討論如何利用 Quest 和 OWYN 的優勢來抵消這些挑戰。

That's very helpful. And as a follow-up, you talked about still expecting double-digit declines on Atkins as you look out to fiscal '26. I think there was an aspiration to -- for the total company to grow towards its long-term algorithm, call it, 4% to 6%. Are your expectations for Quest and OWYN such that do you think that's still reasonable? Or do you think the Atkins decline at this point is a little above what you had previously expected as you look out to next year?

這非常有幫助。作為後續問題，您談到展望 26 財年，預計 Atkins 的銷售額仍將出現兩位數的下降。我認為，我們有一個願望——讓整個公司實現其長期演算法的成長，即 4% 到 6%。您對 Quest 和 OWYN 的期望是否仍然合理？或者，您認為，就明年而言，阿特金斯飲食目前的下降幅度是否略高於您先前所預期的下降幅度？

Yeah, Matt, it's Chris. I'll take that question. Look, it's still very early in our planning process, and we'll give, obviously, a full guide in October. What I can say on the top line that we'll expect to see similar consumption trends on Quest and OWYN as we've seen in recent times. We do expect Atkins trends to get slightly worse than '25, as Geoff just said.

是的，馬特，我是克里斯。我來回答這個問題。你看，我們的規劃過程還處於非常早期的階段，我們顯然會在十月提供完整的指南。我可以說的是，我們預計 Quest 和 OWYN 的消費趨勢將與近期類似。正如傑夫剛才所說，我們確實預期阿特金斯趨勢會比 25 年略微惡化。

So I think we'd still be looking at growth, but like Geoff said, Atkins would definitely be a slight headwind to the total company growth.

所以我認為我們仍然會關注成長，但就像傑夫所說的那樣，阿特金斯肯定會對整個公司的成長造成輕微的阻力。

And Matt, when you strip out the merchandising cuts and distributor losses on Atkins, the brand is actually performing essentially flat. And even in the large club customer, we've lost distribution. We've been clear about that. We were growing slightly. It's just the space constraints, particularly in that limited SKU environment have led us to losing on Atkins. And again, even if you look at e-commerce, where there's no space constraints, we're growing.

馬特，當你剔除阿特金斯的商品銷售削減和經銷商損失時，該品牌的表現實際上基本上持平。甚至在大型俱樂部客戶中，我們也失去了分銷權。我們已經清楚這一點了。我們正在一點點成長。只是空間限制，特別是在有限的 SKU 環境中，導致我們在 Atkins 上失敗。再說了，即使你看看電子商務，由於沒有空間限制，我們也在成長。

So our plan moving forward with the business with Atkins and into '26 is to proactively address those challenges with retailers. And obviously, that will flow through to '26 with Atkins.

因此，我們與 Atkins 開展業務並邁向 26 年的計劃是主動與零售商一起應對這些挑戰。顯然，這一趨勢將延續到 26 年 Atkins 時期。

Thank you. I'll pass it on.

謝謝。我會傳達的。

Peter Grom, UBS.

瑞銀的 Peter Grom。

I wanted to ask on OWYN, a bit of a slowdown in the track data, and I think it was a bit weaker than we had modeled in the quarter. So would just love some perspective on how the brand is performing relative to your expectations. Was this slowdown largely contemplated as you think about the guidance?

我想問一下 OWYN，軌道數據有點放緩，我認為它比我們在本季度建模的要弱一些。因此，我只是想了解該品牌的表現是否符合您的預期。當您考慮指導意見時，是否很大程度上考慮到了這種放緩？

And then, Chris, I just wanted to make sure I understand your response to Matt's question. I think you said you would expect growth similar to what we've seen recently. So can you maybe put some guardrails in terms of what that might mean for OWYN as we think about fiscal '26?

然後，克里斯，我只是想確保我理解你對馬特的問題的回答。我想您說過，您預期的成長與我們最近看到的類似。那麼，當我們考慮 26 財年時，您能否就這對 OWYN 意味著什麼提出一些建議？

Yeah, I'll take the first question and then hand it over to Chris. We remain very confident in the OWYN business and believe it has a very long runway of sustained growth. To your question, we fully anticipated the deceleration in the second half. It was always in our plans and reflected in our guidance. And the key driver here, I've said before, as we lap significant TDP gains, particularly at a large club and mass customer.

是的，我會回答第一個問題，然後將其交給克里斯。我們對 OWYN 業務仍然非常有信心，並相信它擁有很長的持續成長空間。對於您的問題，我們完全預料到了下半年經濟減速。它始終在我們的計劃中並反映在我們的指導中。這裡的關鍵驅動因素，我之前已經說過，是我們獲得了顯著的 TDP 收益，特別是在大型俱樂部和大眾客戶中。

And given when the brand and its maturity curve, though, we're very confident that distribution gains are going to reaccelerate. As we look into Q4, we have very clear line of sight to those gains coming over the summer and into the fall. Q3 was just we were lapping a period when we didn't while we were lapping a sustained period of distribution growth from last year.

然而，考慮到品牌及其成熟度曲線，我們非常有信心分銷收益將會再次加速。當我們展望第四季時，我們非常清楚地看到了夏季和秋季的成長。第三季度，我們剛經歷了一段沒有達到預期的時期，而去年我們經歷了一段持續的分銷增長期。

I would highlight that OWYN's ACV today is in the low 60s, which is about 20 to 30 points below leading ready-to-drink peers. So it has a significant opportunity to add more breadth on shelf. And in customer conversations, they're very bullish on those brands, and we will be seeing meaningful gains starting in the summer and into the fall. And even looking beyond that, I'm excited about additional platform innovation that should keep that distribution engine going.

我想強調的是，OWYN 目前的 ACV 處於 60 出頭，比領先的即飲啤酒同行低 20 到 30 個百分點。因此，它有很大機會增加貨架的廣度。在與客戶的對話中，他們非常看好這些品牌，我們將從夏季到秋季看到有意義的成長。甚至展望未來，我對能夠保持分銷引擎繼續運轉的額外平台創新感到興奮。

I'll turn it over to Chris. Second question.

我將把它交給克里斯。第二個問題。

Yeah. And maybe just to clarify, what I was saying is if you look at Quest and OWYN, recent consumption trends, we expect those to continue into FY26. So just to specify a couple of points. On OWYN in Q3, we had, let's call it, 24% -- roughly 24% consumption growth. We'd expect something similar to that in FY26 on a full-year basis.

是的。也許只是為了澄清一下，我的意思是，如果你看看 Quest 和 OWYN 最近的消費趨勢，我們預計這些趨勢將持續到 26 財年。只需明確幾點。在第三季的 OWYN 上，我們的消費成長了 24%——大約 24%。我們預計 26 財年全年業績將與此類似。

And what that's going to do -- as you think about the portfolio, what that's going to do, it's going to continue mixing Quest and OWYN larger in the portfolio and Atkins smaller in the portfolio, given the numbers that Geoff has already laid out earlier.

當你考慮投資組合時，它會產生什麼影響？根據 Geoff 先前列出的數字，它將繼續在投資組合中混合 Quest 和 OWYN 較大的份額，在投資組合中混合 Atkins 較小的份額。

Okay. That's really helpful. And I guess my second question just is on the 4Q exit rate and how we should be thinking about that in the context of '26. And you kind of called out top line, 3% at the midpoint. It's a little bit below the long-term algo, profit down mid-single digits, excluding the extra week.

好的。這真的很有幫助。我想我的第二個問題是關於第四季的退出率，以及我們應該如何在 26 年的背景下考慮這個問題。您提到了頂線，中間值為 3%。它略低於長期演算法，利潤下降了中等個位數，不包括額外的一周。

And as mentioned, these costs are going to continue with maybe the offset likely to take some time. So I know we're -- you're still early in the planning process here. But just any thoughts in terms of how we should be thinking about or how this exit rate should inform our view on the path forward?

正如前面提到的，這些成本將會持續存在，但抵消可能需要一些時間。所以我知道我們——你們仍處於規劃過程的早期階段。但是，對於我們應該如何思考，或者退出率應該如何影響我們對未來道路的看法，您有什麼看法嗎？

I wouldn't think too much about the exit rate. I would really say that it is a bit too early to give guidance on EBITDA. We'll do that in October. We've got a lot of moving parts. So we're still waiting, like everyone else for parity on tariffs, which as you know and as we've seen this week, that continues to shift.

我不會過度考慮退出率。我想說的是，現在給出 EBITDA 指導還為時過早。我們將在十月做這件事。我們有很多活動部件。因此，我們和其他人一樣，仍在等待關稅平等，正如您所知，正如我們本週所看到的，這種情況正在不斷變化。

We generally do have good visibility to our input costs through the end of the calendar year, and we're working to build coverage through the -- through more of fiscal '26. We're also working to quantify the benefits and timing of our productivity program that we talked about in the script and on pricing actions. What I can say on EBITDA as well, we're working to land the plan we can see already that the shape of the year is going to be more challenged in the first half than the second half as we get the higher cost into our base and the benefits of productivity and other mitigants will build as they are slightly on the lag.

我們通常對到年底的投入成本有很好的了解，並且我們正在努力透過 26 財年建立覆蓋範圍。我們也正在努力量化我們在腳本和定價行動中討論的生產力計劃的效益和時間。關於 EBITDA，我也可以說，我們正在努力實現計劃，我們已經看到，今年上半年的情況將比下半年更具挑戰性，因為我們的成本更高，而且生產力和其他緩解措施的好處將逐漸顯現，因為它們略有滯後。

Yeah. And I just want to build off for that. We are still early in our planning cycle. I do want to remind the strength of the category, 17 quarters now of high single, low double-digit growth, the generational shift toward type protein, low carb, low sugar is not slowing down. It's accelerating. When you look at our portfolio, through Quest and OWYN that represents 70% of our net sales, growing very nicely double digits.

是的。我只是想以此為基礎繼續努力。我們的規劃週期仍處於早期階段。我確實想提醒大家注意該類別的實力，目前已有 17 個季度實現了高個位數、低兩位數的增長，向蛋白質、低碳水化合物、低糖類型的轉變並沒有放緩。它正在加速。如果你看一下我們的產品組合，你會發現 Quest 和 OWYN 佔據了我們淨銷售額的 70%，並且實現了兩位數的良好成長。

And both brands have a significant runway. When you look at the top line for us, the primary issue that we're working through is at Atkins space and losing some of the tail, which was to Matt's question. And if you just go one click lower, I really would point to Quest, which continues to put up high single, low double digits week-to-week, underpinned by salty business that is on pace to be our largest segment. And then if you look more broadly across Quest, every part of the portfolio is growing.

這兩個品牌都擁有重要的發展空間。當您查看我們的頂線時，我們正在解決的主要問題是阿特金斯空間和丟失一些尾部，這是馬特的問題。如果你再往下看一點，我真正想說的就是 Quest，它每週的銷售額都保持在高個位數到低兩位數之間，這得益於有望成為我們最大業務板塊的鹹味食品業務。如果你更廣泛地看待 Quest，你會發現其投資組合的每個部分都在成長。

So we're early in the cycle. There are some headwinds we're working through, but I do want to remind the fundamentals of our category and of our business remains very strong.

因此我們正處於週期的早期階段。我們正在努力克服一些阻力，但我確實想提醒大家，我們的產品類別和業務的基本面仍然非常強勁。

Great. Thanks so much. I'll pass it on.

偉大的。非常感謝。我會傳達的。

Jim Salera, Stephens.

吉姆·薩萊拉、史蒂芬斯。

I wanted to start and see if you guys could give us an update just on the number of average SKUs Quest has across retail. And particularly with kind of a focus on as you continue to expand the portfolio and salty becomes a bigger mix, what should we think about as being kind of a target or a goal number of SKUs? As I imagine, if you're getting into other placements outside of kind of your traditional aisles that should probably increase the overall number of placements you have. Just any thoughts on that to start off.

首先我想看看你們能否提供我們一下 Quest 在零售領域的平均 SKU 數量。特別是隨著您繼續擴大產品組合，鹹味食品的種類越來越多，我們應該考慮將 SKU 的目標數量定為多少？正如我所想的，如果您進入傳統過道之外的其他展示位置，那麼您可能會增加展示位置的總數。只是想就此開始提出一些想法。

I don't really think about a brand having a target number of SKUs, particularly in the case of Quest, which has proven its ability to expand well beyond the core bar. I would point that there's very few brands that I've seen in my career that can do that. I see continued distribution growth in our aisle on Quest, particularly on Salty. And despite the size of the Salty business for Quest, it's clear we're still in the very early innings on Salty. And every new flavor and that we've brought to market under Salty has been highly incremental. I think that reflects the size of the addressable market, which is $50 billion, and Quest is the disruptor in that space and clear market leader.

我並不真的認為一個品牌會有 SKU 的目標數量，尤其是 Quest，它已經證明了自己有能力超越核心產品線進行擴張。我想指出的是，在我的職業生涯中，很少有品牌能夠做到這一點。我看到我們在 Quest 上的分銷管道持續成長，特別是在 Salty 上。儘管 Quest 的 Salty 業務規模很大，但很明顯我們在 Salty 方面的發展仍處於早期階段。我們在 Salty 品牌下推向市場的每一種新口味都具有極高的增量性。我認為這反映了潛在市場的規模，即 500 億美元，而 Quest 是該領域的顛覆者和明顯的市場領導者。

And then you have to imagine, we're working on additional forms of Salty that will continue to drive distribution. So I so much have a target number of SKUs I think the addressable market on Salty is significant. We're going after it. What I would think go to is we're making a concentrated effort to drive distribution out of our aisle.

然後你必須想像，我們正在研究 Salty 的其他形式，以繼續推動分銷。因此，我有一個目標 SKU 數量，我認為 Salty 上的潛在市場很大。我們正在追尋它。我認為我們正在集中精力推動分銷走出我們的軌道。

So historically, simply it was more focused on our aisle. But as we see the demand for high protein, low carb sugar mainstream, there's clearly an opportunity for us to drive greater physical availability outside of our aisle, and we've made that a key priority and focus for the organization moving forward. I've made a lot of investments in that area that I expect to pay off in '26 and beyond, whether that be secondary placement in mainline aisles where we have some tests going on, whether that be additional merchandising around the store, or whether it be in new channels such as away from home in places we're not today.

因此從歷史上看，它只是更加關注我們的過道。但隨著我們看到對高蛋白、低碳水化合物糖的需求成為主流，我們顯然有機會在我們的貨架之外推動更大的實物供應，並且我們已將此作為組織未來發展的關鍵優先事項和重點。我在該領域進行了大量投資，預計在 2026 年及以後獲得回報，無論是在主線貨架上的二次展示位置（我們正在進行一些測試），還是在商店周圍進行額外的商品銷售，還是在新的渠道（比如我們目前尚未進入的場所）進行銷售。

So I don't really view as Quest having a particular target per se is just meeting the demand that's clearly there for the business, both in our aisle and across the store and beyond.

因此，我並不認為 Quest 本身俱有特定的目標，而只是滿足業務中明確的需求，無論是在我們的貨架上還是在整個商店甚至更遠的地方。

Okay. I appreciate your thoughts there. And then Chris, if I can ask a question on gross margin. If you're able to kind of quantify -- I know we have the cocoa headwinds, but you mentioned tariffs starting to throw through the P&L. On a go-forward basis, just as we think about where '26 might land, is it fair to assume kind of gross margin more in a range of [36] to [37] versus kind of the upper 30s if we still assume time tariff impact is around where it's at today?

好的。我很欣賞你的想法。然後克里斯，如果我可以問一個關於毛利率的問題。如果你能夠量化——我知道我們面臨可可方面的阻力，但你提到關稅開始對損益表產生影響。從未來來看，正如我們思考 26 年可能達到的水平一樣，如果我們仍然假設時間關稅影響與今天的水平差不多，那麼假設毛利率在 [36] 到 [37] 的範圍內而不是 30 多歲上下是否公平？

Yeah, good question. I'm not going to specifically talk about a specific range on gross margin. Like I said earlier that one of the -- we've got good visibility to our cost in the first -- for the rest of this calendar year, we're looking to lock in some more coverage and to get ability to the second half of the year. We've also got a moving -- all moving pieces on tariffs.

是的，好問題。我不會具體談論毛利率的具體範圍。就像我之前說的，其中之一就是——我們對今年剩餘時間的成本有很好的了解——我們希望鎖定更多的覆蓋範圍，並將能力延續到今年下半年。我們也對關稅問題採取了行動——所有行動都在進行中。

But frankly, we don't have a lot of clarity on given the recent extension second extension of the tariff deadline. And like I said, the second half gross margin challenges we have this year, we're going to see those flowing into the first half, as I talked about earlier. We do expect to have a better gross margin picture in the second half of FY26 as our -- the high costs get into our base and the productivity and pricing benefits build, as I said earlier.

但坦白說，鑑於最近第二次延長關稅期限，我們對此並不清楚。正如我之前所說，我們今年下半年面臨的毛利率挑戰將延續到上半年。正如我之前所說，我們確實預計 26 財年下半年的毛利率會更好，因為高成本進入了我們的基數，生產力和定價優勢也在增強。

Yeah. I'll tell you, the company continues to be high 30s gross margin, ideally higher. And that's something that we remain very committed to. Obviously, they will cycle up and cycle down over time, but it's something that we believe is extremely important because that gross margin is where we feel our investments in innovation and brand building, obviously, with the higher cocoa costs in particular and a little bit tariff -- we've seen that come under pressure right now, as Chris said, that will flow through in the second half. But this is also why we've materially stepped up our productivity efforts as an offset and why we've executed some pricing.

是的。我告訴你，該公司的毛利率持續保持在 30% 左右的高位，理想情況下會更高。我們始終致力於此。顯然，隨著時間的推移，它們會循環上升和下降，但我們認為這非常重要，因為毛利率是我們在創新和品牌建設方面的投資，顯然，特別是可可成本上升和一點關稅——我們已經看到它現在面臨壓力，正如克里斯所說的，這將在下半年得到體現。但這也是為什麼我們大力提高生產力以抵消損失，以及為什麼我們執行一些定價措施的原因。

And right now, we're contemplating additional pricing where it makes sense. So we remain very committed to getting those gross margins back up. And as we think about '26, there'll probably be a lag to that. But that's just a fundamental tenet to our company and how we create value and build brands.

目前，我們正在考慮在合理的情況下提高定價。因此，我們仍然致力於恢復毛利率。當我們考慮 26 時，可能會有一個滯後。但這只是我們公司的基本原則以及我們創造價值和打造品牌的方式。

Great. I appreciate the detail. I'll get back in the queue.

偉大的。我很欣賞這個細節。我會回到隊列中。

Kaumil Gajrawala, Jefferies.

傑富瑞的 Kaumil Gajrawala。

One, just I guess a quick clarification and then a question on Quest, which is on the clarification is Atkins' double-digit declines next year just as simple as the distribution cuts sort of lapping over the course of next year? Or do you think kind of sort of distribution adjusted the brand is also declining? I think you said it so far, at the moment, it's flat. Just curious on that comment.

首先，我想快速澄清一下，然後問一個關於 Quest 的問題，需要澄清的是，明年 Atkins 的兩位數下滑是否與明年分銷削減的重疊一樣簡單？還是您認為某種分銷調整後品牌也在衰退？我想您到目前為止已經說過了，目前為止，它是平的。只是對該評論感到好奇。

And then on Quest sort of the real question is as you talked about capacity expansion. If you can maybe just dig into that a little bit, how much, how fast, is that maybe the biggest limiting factor for growth at Quest? And then the commentary on entering other parts of the store, where is it going? So outside of its own aisle, but what are the sort of target locations?

然後關於 Quest 的真正問題是您談到的容量擴展。如果您可以深入探討這個問題，那麼這在多大程度上、多快地成為 Quest 發展的最大限制因素？然後進入商店其他部分的評論，它要去哪裡？那麼，在它自己的走道之外，目標位置是什麼樣的呢？

Yeah. So to your first question on -- I think your question is really the fundamental health of Atkins. I think it was Matt's question or follow-up. When you strip out distribution losses and merchandising cuts, Atkins is ostensibly flat. And again, that underscores two things: one, the health of the brand, the consumer demand for a brand that helps them with white wellness, how trusted the brand is, and how the credibility that Atkins has in that space.

是的。所以對於您的第一個問題——我認為您的問題實際上是阿特金斯的基本健康問題。我認為這是馬特的問題或後續問題。如果剔除分銷損失和商品削減，阿特金斯的業績表面上是持平的。這再次強調了兩件事：第一，品牌的健康狀況，消費者對幫助他們實現白人健康的品牌的需求，品牌的可信度，以及阿特金斯在該領域的可信度。

But we were obviously acknowledging that Atkins has a large footprint and that it has a tail of SKUs that turn below category averages and that we're proactively working with retailers to rebalance that across the Simply portfolio. But that will lead to Atkins continuing to have distribution cuts.

但我們顯然承認，阿特金斯的足跡很廣，而且它的 SKU 尾部低於類別平均水平，而且我們正在積極與零售商合作，在 Simply 產品組合中重新平衡這一點。但這將導致阿特金斯繼續削減分銷。

To your question on Quest and Salty, we continue to be, as I said, very encouraged by the growth we're seeing on Salty week-to-week. It's 25% to 30% consumption growth, week in, week out. We continue to be very encouraged by the support we're getting from retailers with additional merchandising are called out in the script and large mass customer on the world wellness.

關於您關於 Quest 和 Salty 的問題，正如我所說，我們對 Salty 每週的成長感到非常鼓舞。每週的消費量成長率為 25% 至 30%。我們繼續受到零售商的支持，他們呼籲我們在劇本中增加商品銷售，並為全球健康領域吸引大量大眾客戶，這讓我們感到非常鼓舞。

We've got a test going on with the dedicated section in our aisle. And we've got additional display around the store. And that has necessitated us to pull forward our capacity planning because we see no sign of the business slowing down, and we want to make sure that we are ahead of us and that we can service the market and service consumers with our products for years to come. So that we want to get ahead of that.

我們正在對我們過道中的專用區域進行測試。我們在商店周圍還增加了展示。這迫使我們提前進行產能規劃，因為我們沒有看到業務放緩的跡象，我們希望確保我們處於領先地位，並能夠在未來幾年用我們的產品服務市場和服務消費者。因此我們希望能夠領先於此。

And then I think you asked about we're driving additional distribution. The key elements of that are, firstly, in channels where we're not. So we've been transparent about a very important test that we ran at a large club customer where we did very well. We're in conversations about expanding on that as we move into '26. We've got some tests going on in the mainline Salty aisle that we're very encouraged about.

然後我想你問過我們正在推動額外的分銷。其中的關鍵要素首先在於我們沒有的管道。因此，我們對在大型俱樂部客戶處進行的一項非常重要的測試持透明態度，我們的測試結果非常出色。隨著我們進入 26 年，我們正在討論如何擴大這一範圍。我們在主線 Salty 貨架上進行了一些測試，我們對此感到非常鼓舞。

And then on top of that, a big focus for me is putting our products within arms' reach of consumers around the store. So we've amped up our retail execution capability just getting secondary placements as well as away from home. So when you think about Quest, increased physical availability is a significant growth vector for us in the coming years. We're very focused on driving that. So yes, winning in our aisle but driving availability of Quest everywhere.

除此之外，我的重點是將我們的產品放在商店周圍消費者觸手可及的地方。因此，我們增強了零售執行能力，不僅獲得了二級安置，還獲得了離家安置。因此，當您考慮 Quest 時，增加實體可用性是我們未來幾年的一個重要的成長載體。我們非常專注於推動這一點。所以是的，我們不僅贏得了市場，還推動了 Quest 在各地的普及。

Got it. Thank you as usual.

知道了。一如既往地感謝您。

(Operator Instructions) Robert Moskow, TD Cowen.

（操作員說明）Robert Moskow，TD Cowen。

Geoff, I was wondering if you have any color for us on the fight for distribution space in the ready-to-drink protein shake category. I would imagine more new entrants are coming in; more capacity is being built. How has that influenced your ability to get your new Quest shake on the shelf? And do you foresee any change in the fight for shelf space going forward?

傑夫，我想知道您是否能為我們介紹一下即飲蛋白奶昔類別中爭奪分銷空間的情況。我可以想像會有更多的新進入者加入；更多的產能正在建設中。這對您將新款 Quest 奶昔推向市場有何影響？您預見未來貨架空間爭奪戰會發生哪些變化嗎？

Yeah, it's not a surprise to me that we're seeing stepped-up levels of competition in the ready-to-drink space. I think that's a reflection of the state of the center store. It's a reflection of the strength of our category, which as I mentioned, now 17 quarters of double-digit growth.

是的，看到即飲飲料領域的競爭日益激烈，我並不感到驚訝。我認為這反映了中心商店的狀況。這體現了我們產品類別的實力，正如我所提到的，該類別現已連續 17 個季度實現兩位數增長。

So particularly in ready-to-drink, which is seeing outsized growth even within nutritional snacking, it's not a surprise to me that there's been some recent entrants. So far, when it comes to Quest beverage, we've been very pleased with our ability to gain distribution. Right now, we're in the early innings of that launch ACVs of round about 22%, 23% and that that build as we get into the four resets.

因此，特別是在即飲飲料領域，即使在營養零食中也出現了超乎尋常的增長，因此，最近出現了一些新進入者，這對我來說並不奇怪。到目前為止，就 Quest 飲料而言，我們對獲得分銷的能力感到非常滿意。目前，我們正處於推出 ACV 的早期階段，其 ACV 約為 22%、23%，隨著我們進入四次重置，這一數字還會不斷增加。

So we've been able to secure great distribution, not just within our aisle but more broadly, targeting coolers, for example, where I've been very pleased and it's leveraging the new capabilities we've put in place to drive distribution out of our aisles. What that reflects is that we've got a [45-gram] protein shake that is performing early but performing very well. So people obviously trust the brand, putting a lot of support behind it. It's a competitive space. I want to be cautious with our projections for this business.

因此，我們能夠確保良好的分銷，不僅在我們的過道內，而且在更廣泛的範圍內，例如針對冷藏箱，我對此感到非常高興，並且它利用了我們已經實施的新功能來推動過道外的分銷。這反映出我們有一種 [45 克] 蛋白質奶昔，雖然初期表現不佳，但效果非常好。因此人們顯然信任該品牌，並給予其大力支持。這是一個競爭激烈的領域。我希望對這項業務的預測保持謹慎。

However, early in three, four months into the launch year, despite the competitive environment, which you referenced, I'm pretty optimistic about what I'm seeing out of this milkshake launch and increasingly optimistic about what a sizable beverage business could mean for the Quest business.

然而，在產品發布後的三、四個月初期，儘管競爭環境（正如您所提到的）存在，我對這款奶昔的發布結果還是非常樂觀的，並且對規模可觀的飲料業務對 Quest 業務的意義也越來越樂觀。

Can you be more specific? Do you think it will get into club stores, the new Quest item? Or is it focused on different channels initially?

能更具體一點嗎？您認為新的 Quest 商品會進入俱樂部商店嗎？或最初是否專注於不同的管道？

It's a little early. I mean ideally, Rob, would want to build the business outside of club before taking in the $30, $40 price point to club typically how you want to launch a new product like this. If we have the ability to test on club, we might do that. But as we think about getting to market, particularly with the higher price point that this product has, ideally, we want single distribution, some four packs.

有點早。我的意思是，理想情況下，羅布會希望在以 30 美元、40 美元的價格向俱樂部推出新產品之前，先在俱樂部之外建立業務。如果我們有能力在俱樂部進行測試，我們可能會這樣做。但當我們考慮進入市場時，特別是考慮到該產品的價格較高，理想情況下，我們希望單一分銷，大約四個包裝。

We build the business. We would then take it to the club environment, where you're talking 12 to 15 packs. That's typically how I would want to bring a product like this to market.

我們創建業務。然後我們會把它帶到俱樂部環境中，那裡有 12 到 15 包。這就是我希望將這樣的產品推向市場的方式。

Great. Thank you.

偉大的。謝謝。

Jon Andersen, William Blair.

喬恩安德森、威廉布萊爾。

I have a two-parter. You've talked about pricing that you've executed some -- and are considering more across the portfolio. Can you provide a little bit more color around the pricing you've implemented to date and how you're thinking about that going forward?

我有兩個部分。您已經談到了已經執行的一些定價——並且正在考慮在整個投資組合中實施更多定價。您能否詳細介紹迄今為止實施的定價以及您對未來定價的看法？

And then I wanted to kind of shift gears and ask about capital allocation priorities. You paid down some debt and bought back some stock in the quarter. Leverage ratio is in great shape, but well below a turn. How are you thinking about where you want to apply capital going forward to best use? Thank you.

然後我想換個話題，詢問一下資本配置的優先事項。您在本季償還了一些債務並回購了一些股票。槓桿率狀況良好，但遠低於預期。您如何考慮將來要將資本運用到哪裡才能達到最佳效果？謝謝。

Yeah. I'll take the price question. I'll turn it over to Chris for capital allocation. So we did take pricing recently on our Atkins Shakes business, reflecting higher input costs. So that's been in market now for over a quarter. And to your point, we are evaluating additional pricing as we see cocoa remain somewhat stubbornly high, and we are looking at tariffs, as Chris said, TBD ultimately the way that lands. But it's -- we need to -- as I mentioned earlier, when we talked about gross margin, we need to recover our costs to support our gross margin that enables us to support investment in our business.

是的。我將回答價格問題。我將把它交給克里斯進行資本配置。因此，我們最近確實對 Atkins Shakes 業務進行了定價，反映了更高的投入成本。目前該產品已上市超過四分之一了。正如您所說，我們正在評估額外的定價，因為我們看到可可價格仍然居高不下，我們正在考慮關稅，正如克里斯所說，最終以何種方式實施尚待確定。但正如我之前提到的，當我們談到毛利率時，我們需要收回成本來支持我們的毛利率，從而使我們能夠支持對我們業務的投資。

So we are unsurprisingly evaluating pricing more broadly across the portfolio, exactly how the levers you could look at prices increases or trade reductions. But we're right now in the middle of figuring out how best to go execute that as we look at input costs remain stubbornly high. I'll turn over to Chris for capital allocation.

因此，我們毫不意外地對整個投資組合的定價進行了更廣泛的評估，確切地說，您可以如何看待價格上漲或交易減少的槓桿。但現在我們正處於尋找最佳執行方案的過程中，因為我們發現投入成本仍然居高不下。我將把資本配置交給克里斯。

Thanks for the question, John. So look, as you said, cash generation for this business is very strong. And yes, our net debt is down to [0.5]. Our cash and capital allocation priorities have not changed. So we are constantly evaluating best ways of using excess cash. We use a structured framework. Our main use of cash that is in excess of our operations. Our main use is M&A, and we do see some interesting M&A things in the pipeline.

謝謝你的提問，約翰。所以，正如你所說，這項業務的現金產生能力非常強勁。是的，我們的淨債務下降到[0.5]。我們的現金和資本配置重點沒有改變。因此，我們一直在評估利用多餘現金的最佳方法。我們使用結構化框架。我們的主要現金用途是超出我們的營運範圍。我們的主要用途是併購，我們確實看到一些有趣的併購活動正在進行中。

Second priority would be debt pay down. Obviously, we've said on the call that we've paid down now it's about $250 million, and we're pretty happy with that debt level. And then the last, third, capital use is going to be on buybacks if it makes sense and when it makes sense. But as we've said before, we're a high-margin asset line model. We do compete a lot of annual EBITDA to cash, and as we said on the call, we have about $100 million of cash today, and we've talked again on the call about things we use that cash for over the last sort of last 12 months. But yeah, priorities would be: number one, M&A; number two, debt paydown; and then lastly, any buybacks.

第二要務是償還債務。顯然，我們在電話會議上說過，我們現在已經償還了大約 2.5 億美元，我們對這個債務水準非常滿意。最後，第三，如果有意義的話，資本用途將用於回購。但正如我們之前所說，我們是一種高利潤資產線模型。我們確實將大量的年度 EBITDA 與現金進行了競爭，正如我們在電話會議上所說的那樣，我們今天擁有大約 1 億美元的現金，我們在電話會議上再次討論了過去 12 個月我們使用這些現金的用途。但是，是的，優先事項是：第一，併購；第二，償還債務；最後，任何回購。

That's helpful. Can I squeeze in one more? I apologize. I know you're not ready to comment specifically on 2026. But you have said that you're running 70% of the business now in the two high-growth brands, Quest and OWYN, and you expect those to kind of continue to grow consumption in the double-digit range or better and then a bit of a drag from Atkins kind of carrying over into fiscal '26.

這很有幫助。我可以再擠一個嗎？我很抱歉。我知道您還沒有準備好對 2026 年做出具體評論。但您說過，現在兩個高成長品牌 Quest 和 OWYN 佔據了 70% 的業務，您預計這兩個品牌的消費量將繼續以兩位數甚至更高的速度增長，而 Atkins 的拖累將延續到 26 財年。

It seems like if you kind of do the math, you could still see top-line growth algorithm next year. Is that a fair assessment? Or do you think that the drag from Atkins is a little bit bigger than initially anticipated? Thanks.

看起來如果你做一下計算，你明年仍然可以看到頂線成長演算法。這是一個公平的評價嗎？或者您認為阿特金斯帶來的阻力比原先預期的要大一些？謝謝。

Yeah. No, I just want to reiterate, we're early in the cycle for '26 as we built the plan, both on the top and bottom line. To your point, we've got 70% of the portfolio growing double-digit, which is very encouraging in the category, that 17 quarters of double-digit growth. With that being said, Atkins will be a drag as we go into '26. And we're just working through exactly how that is going to mix through.

是的。不，我只是想重申一下，我們正處於 26 年周期的早期階段，因為我們制定了計劃，包括頂線和底線。正如您所說，我們的投資組合中有 70% 實現了兩位數成長，這在該類別中是非常令人鼓舞的，連續 17 個季度實現了兩位數成長。話雖如此，當我們進入 26 年時，阿特金斯將成為一種拖累。我們正在研究如何將其融合在一起。

What I would point out, and Chris referenced this earlier, as you go through '26 and even looking further ahead, Atkins does start to mix down very materially in the portfolio. And then that obviously has inflection implications on total company. But '26 will be a year where we will have to address the Atkins distribution headwind.

我想指出的是，克里斯之前也提到過，當你經歷 26 年甚至展望未來時，阿特金斯確實開始在投資組合中大幅減少。這顯然會對整個公司產生影響。但 26 年我們將不得不解決 Atkins 分銷方面的不利因素。

Thank you.

謝謝。

Alexia Howard, Bernstein.

亞歷克西亞·霍華德，伯恩斯坦。

Can I ask a slightly different question around the legislation that's just been passed in Texas requiring warning labels to go on to foods containing 44 additives by 2027. I'm just curious about how much of your portfolio might be affected, whether you can take steps over the next 18 months to actually eliminate a lot of those additives, is that going to be a major challenge for you? And which specific ingredients might be most challenging? We've heard from others is that things like preservatives and antioxidants are actually much more challenging because of shelf life than the original list of artificial dyes that have been wondering around the media for the last few months.

我可以問一個稍微不同的問題，關於德克薩斯州剛剛通過的一項立法，該立法要求到 2027 年在含有 44 種添加劑的食品上貼上警告標籤。我只是好奇您的投資組合會受到多大影響，您是否可以在未來 18 個月內採取措施真正消除大量添加劑，這對您來說會是一個重大挑戰嗎？哪些具體成分可能最具挑戰性？我們從其他人那裡聽說，防腐劑和抗氧化劑等物質由於保質期的原因，實際上比過去幾個月媒體上熱議的人工染料原始清單更具挑戰性。

Yeah. Alexia, I appreciate the question. I'd say at a high level, we feel much better insulated than many of our large cap food peers as it relates to through regulations. That's obviously underpinned by our category in our product, high pricing, low in sugar, low in carbs. And we don't have profile of many other categories and products that where the regulations consented on.

是的。亞歷克西亞，我很感謝你的提問。我想說，從高層來看，在監管方面，我們比許多大型食品同行感覺受到的保護要好得多。這顯然是由我們產品的類別決定的：高價格、低糖、低碳水化合物。我們還沒有法規同意的許多其他類別和產品的概況。

We've obviously assessed our portfolio as we look at where some of the regulations are going. And what I would say is that the current impact to our portfolio is very small. There are a few SKUs that will probably have to do some reformulation but nothing material and nothing that we can't execute, and I wouldn't anticipate any material cost implications from that. I think that's a reflection of the strength of our R&D team as well.

當我們觀察一些法規的走向時，我們顯然已經評估了我們的投資組合。我想說的是，目前對我們的投資組合的影響非常小。有幾個 SKU 可能需要進行一些重新配製，但這並不是什麼實質性的變化，也不是我們無法執行的變化，而且我預計這不會對材料成本產生任何影響。我認為這也反映了我們研發團隊的實力。

And then where I reminded the recent acquisition of OWYN only watching a clean label plant base to avoid the top nine allergens, not just safe, but extremely well positioned (inaudible) the shift. And that's something that we're going to continue to focus on with the brand as we turn on marketing and we continue expanding that brand into additional platforms. So not really an issue for us, Alexia.

然後，我提醒大家最近收購的 OWYN 只關注清潔標籤植物基地，以避免前九大過敏原，不僅安全，而且定位極佳（聽不清楚）轉變。隨著我們開展行銷並繼續將品牌擴展到其他平台，我們將繼續關注這一點。所以這對我們來說不是什麼問題，Alexia。

As a general statement, our products are on the right side of that, in particular, OWYN. We're going to really run hard with this trend on that range.

整體來說，我們的產品符合這項標準，尤其是 OWYN。我們將在該範圍內大力推動這一趨勢。

Great. Thank you very much, and good to hear it. I'll pass it on.

偉大的。非常感謝，很高興聽到這個消息。我會傳達的。

Brian Holland, D.A. Davidson.

布萊恩霍蘭德、D.A.戴維森。

Quest protein bars have seen a nice inflection here relative to the past few quarters. Obviously, you had the overload rollout, which I presume has some, if not all of the contribution there. But just kind of curious what you're hearing, seeing with respect to the response to that launch. How would inform sort of your go forward and what is still your biggest category under that Quest banner today? And maybe just some sense of what the innovation pipeline, how that's forming for that specific line?

與過去幾個季度相比，Quest 蛋白棒的銷量出現了良好的轉折。顯然，您已經進行了超載部署，我認為這至少起到了部分作用，即使不是全部作用。但我只是有點好奇你所聽到的和看到的關於這次發布的反應。您如何看待未來的發展？目前 Quest 旗下最大的產品類別是？也許只是對創新管道的一些了解，以及它是如何形成特定的生產線的？

Yeah. I'm very pleased with returning our bar business to growth, which has been a key focus of mine and organization over the last year. We've seen growth plus 3 consumption last 13 weeks versus flat in Q2. The two drivers that we met and the scripts are the continued growth of our Crispy or Hero line effect. The new news is Overload. We're in the early innings of Overload.

是的。我很高興看到我們的酒吧業務恢復成長，這也是我和組織去年的重點。我們看到過去 13 週的消費量成長了 3%，而第二季則持平。我們遇到的兩個驅動因素和腳本是我們 Crispy 或 Hero 系列效應的持續成長。新的新聞是 Overload。我們正處於 Overload 的早期階段。

What I'll remind is the ACV on Overload, just because of the timing of the resets, we're still in the low 20s on ACV that will build moving forward. But where we have Overload in distribution that is performing extremely well. And I always look to the same-store channel as a little bit of a barometer on bars. And Overload bars have risen to some of the top turning SKUs in all of our portfolio. And if you look at the reviews on Amazon, 4.6 was the last time I checked it, which is one of the highest reviews we've ever had.

我要提醒的是，超載時的 ACV，只是因為重置的時間，我們的 ACV 仍然處於 20 多歲左右，並且將繼續向前發展。但是我們的分佈中的超載表現非常好。我總是將同店通路視為酒吧的晴雨表。並且超載桿已上升至我們所有產品組合中銷量最高的 SKU 之一。如果你看一下亞馬遜上的評論，你會發現上次我查看時給的評分是 4.6，這是我們收到的最高評分之一。

I think what that is a reminder is that there's no such thing as a mature category or business if you continue to bring disruptive innovation. And so you're seeing the category and now our business responds to when we bring our great innovation. And I would think of being transparent over the last year or so that we kind of took our foot off the gas a little bit on buyer innovation, both on Quest and Atkins. And that has been a big focus moving forward is to reignite our buyer innovation, bring exciting new forms and flavors to market.

我認為這提醒我們，如果不斷進行顛覆性創新，就不會有成熟的產品類別或業務。所以你看到了這個類別，現在當我們帶來偉大的創新時，我們的業務就會做出反應。我認為，在過去一年左右的時間裡，我們在買家創新方面已經稍微放鬆了一些，無論是在 Quest 還是 Atkins 上。我們未來的重點是重新激發買家創新，將令人興奮的新形式和新口味推向市場。

I obviously see the pipeline on the business, and it is now very, very exciting to me. And the performance of Overload is just a proof point that when we bring great innovation in the market, the business responds, and we're going to continue to do that.

我顯然看到了業務的管道，現在這對我來說非常非常令人興奮。Overload 的表現正好證明了，當我們將偉大的創新推向市場時，企業會做出回應，我們將繼續這樣做。

John Baumgartner, Mizuho.

瑞穗的約翰·鮑姆加特納。

Geoff, I wanted to come back to Atkins. You mentioned the strength of the core SKUs. And I'm curious if you could speak to innovation for the brand going forward. This class of 24 that launched back in August, the truffles, the gummy bears, those are nicely accretive to sales. Would you consider those types of products include among the core at this point? Have they proven themselves? And how aggressive do you plan on being with innovation and Atkins moving forward?

傑夫，我想回到阿特金斯。您提到了核心 SKU 的強度。我很好奇您是否可以談談該品牌未來的創新。該系列產品共有 24 種，於 8 月推出，包括松露巧克力和小熊軟糖，這些產品對銷售有很好的促進作用。您是否會考慮將這些類型的產品納入核心產品之中？他們已經證明自己了嗎？您計劃在創新和阿特金斯發展方面採取多大的積極舉措？

Yeah. Thanks for the question, John. Yeah, innovation is just fundamental to doing well in this category. And as I mentioned to the last question, we had fallen off innovation. I've been very candid. I've been transparent about that.

是的。謝謝你的提問，約翰。是的，創新對於在這一領域取得好成績至關重要。正如我在上一個問題中提到的，我們的創新能力已經下降。我一直都非常坦誠。我對此一直很坦誠。

We dropped the ball on bringing great innovation, particularly on the bar business and in our core. So we have ramped up those efforts. I'm thrilled about the pipeline not just on Quest, but on Atkins and OWYN. To drill down more specifically to your question, the 30-gram Atkins Strong platform that we brought to market is doing very well. It's really helped drive the growth of the ready-to-drink portfolio. The confection innovation that you referenced, some of it is doing well, and some of it isn't, and that's pretty passive course.

我們未能帶來重大創新，特別是在酒吧業務和我們的核心業務方面。因此我們加大了這些努力。我不僅對 Quest 的管道感到興奮，而且對 Atkins 和 OWYN 的管道也感到興奮。為了更具體地回答您的問題，我們推向市場的 30 克 Atkins Strong 平台表現非常好。它確實有助於推動即飲產品組合的成長。您提到的糖果創新，有些做得很好，有些則不然，這是一個相當被動的過程。

The focus for us, the next wave of focus is going to be on path and bringing more innovative, more disruptive innovation to Atkins. So innovation is critical. It's the lifeline of the category (inaudible) to offer it where we've turned it back on. It's helping drive the business for Atkins in particular, the next wave of that has to be on [path].

我們的重點，下一波重點將放在為阿特金斯帶來更多創新、更多顛覆性創新。因此創新至關重要。它是該類別的生命線（聽不清楚），我們將其重新打開以提供它。它尤其有助於推動阿特金斯的業務，而下一波浪潮必須[小路]。

Thanks, Geoff.

謝謝，傑夫。

At this time, we have reached the end of the question-and-answer session. I'll turn the call over to Geoff Tanner for closing remarks.

至此，問答環節已經結束。我將把電話轉給傑夫·坦納 (Geoff Tanner) 做結束語。

I just want to thank everyone for joining the call, and we look forward to seeing you on October.

我只想感謝大家參加電話會議，我們期待十月份與您見面。

This will conclude today's conference. You may disconnect your lines at this time. Thank you for your participation. Have a wonderful day.

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。祝您有美好的一天。